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GE in talks with Asian sovereign funds: FTD
November 20, 2008 / 1:59 PM / 9 years ago

GE in talks with Asian sovereign funds: FTD

<p>Jeffrey R. Immelt, chairman and chief executive of General Electric at Universal Studios in Los Angeles, California May 24, 2007. REUTERS/Fred Prouser</p>

FRANKFURT (Reuters) - General Electric Co (GE.N) is holding talks with sovereign wealth funds to win them over as anchor shareholders, the Financial Times Deutschland reported on Thursday, quoting GE’s head of international operations.

Ferdinando Beccalli-Falco told the paper GE was speaking to Singapore’s Temasek and GIC, as well as China’s CIC and Safe, both about capital investment in GE and joint ventures.

“We are speaking with them about how both sides can put forward capital for investments in the lands of the partners,” he said.

GIC and Temasek spokeswomen declined to comment on the report.

Earlier this year, GE entered into a joint venture with Abu Dhabi Mubadala investment vehicle, which initially will focus on providing commercial finance in the Middle East and Africa.

Companies tend to seek so-called anchor shareholders -- long-term investors -- in order to stabilize their share price against short-term fluctuations. Shares in GE have fallen 61 percent in the past year, and 28.3 percent in the past month.

Beccalli-Falco said GE, which makes everything from aircraft engines to light bulbs, wanted to expand its international operations in the media sector.

It was in talks with potential partners in Germany’s media sector, he said.

Beccalli-Falco also said GE would not need state aid.

“By no means will GE accept direct state aid or capital,” he told the FTD.

Editing by Andrew Macdonald

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